SAC to Employees: Cohen Didn't Read Dell Email at Heart of SEC's Case

SAC gave employees a memo that is a detailed rebuttal to U.S. allegations that CEO Steven A. Cohen failed to take proper steps to prevent insider trading.

By

James Sterngold and

Jenny Strasburg

Updated July 23, 2013 12:26 a.m. ET

SAC Capital Advisors LP fired back at the U.S. government, telling employees Monday that the evidence shows Steven A. Cohen "did not even read" the email at the heart of allegations he failed to take proper steps to prevent insider trading at his hedge-fund firm.

A 46-page "white paper" prepared by lawyers for Mr. Cohen responded point by point to the Securities and Exchange Commission's civil-enforcement action...